Legal Question in Business Law in United Kingdom

Re: Retirement

The answer to your question, like so many questions concerning partnerships, will depend upon whether or not you have a partnership agreement and if so what it says. A well drawn partnership agreement will deal with what is to happen in the circumstances you describe.

If as I suspect is the case, you do not have a partnership agreement, then matters will be governed by the Partnership Act. This will provide that your partnership be wound up and that each of the partners will be liable in equal sharesfor the debts and liabilities.a copy of this Act is available from our web site.

Andrew Dutton

www.legal-zone.co.uk